Saudi Arabia .. “SAMA” continues the link with the Ministry of...

Saudi Arabia .. “SAMA” continues the link with the Ministry of...
Saudi Arabia .. “SAMA” continues the link with the Ministry of...
Riyadh – Mubasher: The Ministry of Justice and the Saudi Arabian Monetary Agency “SAMA” completed a joint project for the technical link between the enforcement courts and the Corporation. In implementation of the royal order to set controls to limit the practice of financing activity by unauthorized persons, according to the finance companies control system.

Sama said, in a statement today, Monday, that linking enforcement courts with the Monetary Agency ensures the accuracy of monitoring violators, speeding up their trial, and imposing the penalties prescribed for them by law. This will ensure the protection of the economy and prevent the public from exploiting the needs of the public by financing them in informal ways.

“Sama” added that the step will contribute to reducing the exploitation of debtors ’default by financing them in illegal ways that do not take into account the debtor’s credit position and the extent of his ability to fulfill, in addition to imposing high burdens on financing that is not subject to the control and supervision of the competent authority to monitor financing companies. This leads to the debtor’s inability to fulfill his obligations.

The controls according to the royal decree stated: “In the event that the number of bonds for an order that the applicant submits to the execution court reaches a specified number within a year and he is not authorized to practice the financing activity, then he will be classified by the Saudi Arabian Monetary Agency as (under examination ) “.

The execution court considers requests for the execution of the document for an order that classifies the applicant for its implementation as (under examination) after raising its classification, and in the event that the Saudi Arabian Monetary Agency, upon its study of the person designated (under examination), has reached to refer the matter to the competent judicial authority The classification status will continue until the matter is decided.

It is mentioned that Article (4) of the Finance Companies Control Law prohibits the practice of any of the financing activities specified in the system except after obtaining a license to do so in accordance with the provisions of this system, or other applicable regulations.

It is prohibited for any unauthorized person to use – by any means – evidence indicating the practice of financing activities specified in the system or what implies its meaning, or to use in his documents, papers, or advertisements any term or phrase corresponding to it.

The second paragraph of Article (35) specified the penalty for violating the system, which included the royal order directing to take the necessary measures to intensify these penalties, especially the imprisonment.

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